Divorces are rarely pleasant financial experiences, but if you as a New Jersey couple have a lot of assets, you face even greater potential ramifications. If you are considering ending your marriage and this applies to you, keep these facts in mind.
Which assets do courts look at?
One of the main complications concerning high asset divorce is the fact that there are so many complex properties. These can include:
- Stocks and bonds
- Investment properties
- Offshore assets
- Real estate properties
- Pension plans
- 401ks
- Corporation and LLC ownerships
How will foreign assets affect your divorce?
It is very important to settle any disputes about foreign assets as part of the divorce settlement. Borders and conflicting law can make this process complex, especially if you own multiple foreign assets. It is important to have a legal team with experience handling foreign asset property law when undergoing a high-asset divorce.
Will a high-asset divorce cost more money?
No matter how you split the assets in a high-asset divorce, the process will likely cost you more money. The reasons that you will likely pay more include:
- The process takes longer and results in more legal fees.
- Experts may be brought in to testify.
- You may end up paying more at tax time due to capital gains taxes.
What options do you have to keep your divorce private?
If you want to keep your high-asset divorce out of the public record, you have options. Sealed divorces and divorce mediation both offer the ability to keep any prying eyes out of your divorce settlement.
Start planning for your high-asset divorce immediately
Since high-asset divorces typically take longer to resolve, it is best not to delay the process. Getting a full, accurate and provable list of your assets should be your first priority.